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White House Says Not Aware of Trump Plans to Fire Fed Reserve Chair

© AP Photo / Richard DrewFederal Reserve Chairman Jerome Powell's speech at The Economic Club of Chicago, appears on a screen on the floor of the New York Stock Exchange, Friday, April 6, 2018
Federal Reserve Chairman Jerome Powell's speech at The Economic Club of Chicago, appears on a screen on the floor of the New York Stock Exchange, Friday, April 6, 2018 - Sputnik International
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WASHINGTON (Sputnik) - The White House does not have the information about US President Donald Trump's alleged plans to fire Federal Reserve Chairman Jerome Powell, White House spokeswoman Sarah Sanders said on Saturday.

"I'm aware of no plans to fire Powell," Sanders told CNBC broadcaster.

On Friday, media reported citing sources that Trump was considering a possibility of firing Powell over dissatisfaction with the decision of the US Federal Reserve to increase the benchmark interest rate.

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On December 19, the US Federal Reserve’s policy-setting Federal Open Market Committee (FOMC) said that the US benchmark interest rate will increase by 25 basis points to a range of 2.25 to 2.5 percent.

The Fed also indicated that it would press ahead with its plans for more rate hikes next year, despite signs that global economic growth could be slowing. The announcement triggered a sharp sell-off in the US stock market.

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The latest rate hike was the fourth time the US central bank raised the federal funds rate this year. Trump has repeatedly criticized the Federal Reserve for increasing interest rates and causing stock market losses.

The criticism breaks from the tradition of previous US presidents, who would avoid weighing in on monetary policy out of respect for the Fed's independence.

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